ASX slips on latest Trump tariff
The ASX200 closed slightly down on Monday, losing 9.70 points or 0.11 per cent to 8,570.40, as the seesawing market swung between gains and losses throughout the day's trading.
The broader All Ordinaries also finished in the red, losing 5 points or 0.06 per cent to finish Monday's trading at 8,815.30.
The Australian dollar retreated slightly from an eight-month high and is currently buying 65.61 US cents.
On a mixed day, only four of the 11 sectors finished higher, led by the energy stocks and major miners.
Shares in BHP finished up 0.94 per cent to $39.73, while Rio Tinto gained 0.58 per cent to $111.74. US President Donald Trump tariff policy is starting to come into effect. Carlos Barria / NewsWire POOL Credit: NewsWire
Fortescue Metals bucked the trend and fell 0.47 per cent to $16.90.
It was also a mixed day for the big four banks. CBA shares slipped 0.39 per cent to $178.72, Westpac dropped 0.74 per cent to $33.56 and ANZ slumped 0.82 per cent to $30.08.
NAB was the outlier, eking out a small gain, up 0.13 per cent to $39.66.
Monday's trading came after President Trump over the weekend confirmed a 30 per cent tariff on goods from the European Union and Mexico which will start from August 1.
IG market analyst Tony Sycamore said this was an extension of the letters sent on July 9.
'The 'take it or leave it' tariff rates on these 12 countries will be effective from August 1, 2025,' Mr Sycamore said.
'While we can only guess which countries will receive a letter, it has been confirmed that Canada has been explicitly excluded from the list due to its USMCA protections, relatively low tariffs on US goods, and strategic importance as a North American partner.' Gold miners rose as investors jumped into safe haven assets. NewsWire / Max Mason-Hubers Credit: News Corp Australia
Safe havens – including gold and Bitcoin – jumped on the news.
Northern Star Resources jumped 1.72 per cent to $16.53, Evolution Mining gained 1.88 per cent to $7.58 and Newmont Corporation finished 1.66 per cent higher to $92.01.
Bitcoin has surged past $US120,000 ($182,000) for the first time, marking yet another record in what's shaping up to be a monumental rise.
eToro market analyst Josh Gilbert said the price jumped on the back of governments continuing with big spending budgets.
'Central banks keep running expansive monetary policies and global money supply keeps rising,' Mr Gilbert said.
'In that environment, an asset with fixed, decentralised supply cements itself as an alternative store of value.'
In company news, DroneShield continues its march higher over recent weeks after telling the ASX it will spend $13m in R&D and manufacturing to expand its Sydney based operations.
The company says the money will triple the size of the current Sydney based facility as it looks to expand its manufacturing capacity to $2.6bn by the end of 2026.
The expansion follows a $61.6m contact announcement back in June, its biggest ever order. Shares jumped 16.97 per cent to $3.24 on the announcement.
Specialty fashion group City Chic shares slipped 1.16 per cent to $0.085 after the business issued an unaudited trading update to 29 June 2025 showing earnings before interest depreciation and amortisation will come in at between $6 to $6.5m, following a financial year 2024 loss of $8.4m.
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The Advertiser
5 hours ago
- The Advertiser
India will continue to buy Russian oil, officials say
India will keep purchasing oil from Russia despite US President Donald Trump's threats of penalties, two Indian government sources say, not wishing to be identified due to the sensitivity of the matter. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Trump indicated in a Truth Social post in July that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters that he had heard India would no longer be buying oil from Russia. The New York Times on Saturday quoted two unnamed senior Indian officials as saying there had been no change in Indian government policy, with one official saying the government had "not given any direction to oil companies" to cut back imports from Russia. Reuters reported this week that Indian state refiners stopped buying Russian oil in the past week after discounts narrowed in July. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," India's foreign ministry spokesperson Randhir Jaiswal told reporters during a regular briefing on Friday. Jaiswal said India had a "steady and time-tested partnership" with Russia, and that New Delhi's relations with various countries stood on their merit and should not be viewed from the prism of a third country. The White House did not immediately respond to requests for comment. Indian refiners are pulling back from Russian crude as discounts shrink to their lowest since 2022, when Western sanctions were first imposed on Moscow, due to lower Russian exports and steady demand, sources said earlier this week. The country's state refiners - Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters. On July 14, Trump threatened 100 per cent tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the top supplier to India, responsible for about 35 per cent of India's overall supplies. Russia continued to be the top oil supplier to India during the first six months of 2025, accounting for about 35 per cent of India's overall supplies, followed by Iraq, Saudi Arabia and the United Arab Emirates. India, the world's third-largest oil importer and consumer, received about 1.75 million barrels per day of Russian oil in January-June this year, up one per cent from a year ago, according to data provided to Reuters by sources. Nayara Energy, a major buyer of Russian oil, was recently sanctioned by the European Union as the refinery is majority-owned by Russian entities, including oil major Rosneft. In July, Reuters reported that Nayara's chief executive had resigned after the imposition of EU sanctions and company veteran Sergey Denisov had been appointed as CEO. Three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions on the Russia-backed refiner, Reuters reported in July. India will keep purchasing oil from Russia despite US President Donald Trump's threats of penalties, two Indian government sources say, not wishing to be identified due to the sensitivity of the matter. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Trump indicated in a Truth Social post in July that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters that he had heard India would no longer be buying oil from Russia. The New York Times on Saturday quoted two unnamed senior Indian officials as saying there had been no change in Indian government policy, with one official saying the government had "not given any direction to oil companies" to cut back imports from Russia. Reuters reported this week that Indian state refiners stopped buying Russian oil in the past week after discounts narrowed in July. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," India's foreign ministry spokesperson Randhir Jaiswal told reporters during a regular briefing on Friday. Jaiswal said India had a "steady and time-tested partnership" with Russia, and that New Delhi's relations with various countries stood on their merit and should not be viewed from the prism of a third country. The White House did not immediately respond to requests for comment. Indian refiners are pulling back from Russian crude as discounts shrink to their lowest since 2022, when Western sanctions were first imposed on Moscow, due to lower Russian exports and steady demand, sources said earlier this week. The country's state refiners - Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters. On July 14, Trump threatened 100 per cent tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the top supplier to India, responsible for about 35 per cent of India's overall supplies. Russia continued to be the top oil supplier to India during the first six months of 2025, accounting for about 35 per cent of India's overall supplies, followed by Iraq, Saudi Arabia and the United Arab Emirates. India, the world's third-largest oil importer and consumer, received about 1.75 million barrels per day of Russian oil in January-June this year, up one per cent from a year ago, according to data provided to Reuters by sources. Nayara Energy, a major buyer of Russian oil, was recently sanctioned by the European Union as the refinery is majority-owned by Russian entities, including oil major Rosneft. In July, Reuters reported that Nayara's chief executive had resigned after the imposition of EU sanctions and company veteran Sergey Denisov had been appointed as CEO. Three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions on the Russia-backed refiner, Reuters reported in July. India will keep purchasing oil from Russia despite US President Donald Trump's threats of penalties, two Indian government sources say, not wishing to be identified due to the sensitivity of the matter. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Trump indicated in a Truth Social post in July that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters that he had heard India would no longer be buying oil from Russia. The New York Times on Saturday quoted two unnamed senior Indian officials as saying there had been no change in Indian government policy, with one official saying the government had "not given any direction to oil companies" to cut back imports from Russia. Reuters reported this week that Indian state refiners stopped buying Russian oil in the past week after discounts narrowed in July. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," India's foreign ministry spokesperson Randhir Jaiswal told reporters during a regular briefing on Friday. Jaiswal said India had a "steady and time-tested partnership" with Russia, and that New Delhi's relations with various countries stood on their merit and should not be viewed from the prism of a third country. The White House did not immediately respond to requests for comment. Indian refiners are pulling back from Russian crude as discounts shrink to their lowest since 2022, when Western sanctions were first imposed on Moscow, due to lower Russian exports and steady demand, sources said earlier this week. The country's state refiners - Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters. On July 14, Trump threatened 100 per cent tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the top supplier to India, responsible for about 35 per cent of India's overall supplies. Russia continued to be the top oil supplier to India during the first six months of 2025, accounting for about 35 per cent of India's overall supplies, followed by Iraq, Saudi Arabia and the United Arab Emirates. India, the world's third-largest oil importer and consumer, received about 1.75 million barrels per day of Russian oil in January-June this year, up one per cent from a year ago, according to data provided to Reuters by sources. Nayara Energy, a major buyer of Russian oil, was recently sanctioned by the European Union as the refinery is majority-owned by Russian entities, including oil major Rosneft. In July, Reuters reported that Nayara's chief executive had resigned after the imposition of EU sanctions and company veteran Sergey Denisov had been appointed as CEO. Three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions on the Russia-backed refiner, Reuters reported in July. India will keep purchasing oil from Russia despite US President Donald Trump's threats of penalties, two Indian government sources say, not wishing to be identified due to the sensitivity of the matter. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Trump indicated in a Truth Social post in July that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters that he had heard India would no longer be buying oil from Russia. The New York Times on Saturday quoted two unnamed senior Indian officials as saying there had been no change in Indian government policy, with one official saying the government had "not given any direction to oil companies" to cut back imports from Russia. Reuters reported this week that Indian state refiners stopped buying Russian oil in the past week after discounts narrowed in July. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," India's foreign ministry spokesperson Randhir Jaiswal told reporters during a regular briefing on Friday. Jaiswal said India had a "steady and time-tested partnership" with Russia, and that New Delhi's relations with various countries stood on their merit and should not be viewed from the prism of a third country. The White House did not immediately respond to requests for comment. Indian refiners are pulling back from Russian crude as discounts shrink to their lowest since 2022, when Western sanctions were first imposed on Moscow, due to lower Russian exports and steady demand, sources said earlier this week. The country's state refiners - Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters. On July 14, Trump threatened 100 per cent tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the top supplier to India, responsible for about 35 per cent of India's overall supplies. Russia continued to be the top oil supplier to India during the first six months of 2025, accounting for about 35 per cent of India's overall supplies, followed by Iraq, Saudi Arabia and the United Arab Emirates. India, the world's third-largest oil importer and consumer, received about 1.75 million barrels per day of Russian oil in January-June this year, up one per cent from a year ago, according to data provided to Reuters by sources. Nayara Energy, a major buyer of Russian oil, was recently sanctioned by the European Union as the refinery is majority-owned by Russian entities, including oil major Rosneft. In July, Reuters reported that Nayara's chief executive had resigned after the imposition of EU sanctions and company veteran Sergey Denisov had been appointed as CEO. Three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions on the Russia-backed refiner, Reuters reported in July.
Sydney Morning Herald
9 hours ago
- Sydney Morning Herald
Australians are working more hours, and it might be hurting our living standards
Australian workers could be putting in nearly half the hours they were 45 years ago but have instead tended to work longer hours to upgrade their lifestyles, sacrificing work-life balance for more income. Productivity Commission research economist Rusha Das found average working hours for Australians had shrunk only modestly from about 34 to 31 hours a week over the past few decades, while incomes had risen significantly. 'Overall, Australians have opted to use their [increased productivity] to upgrade their lifestyles, like buying fancier coffee and taking more expensive holidays, rather than shorten their workdays,' Das said in the commission's June bulletin. She noted that, with the growth in productivity since 1980, Australians could have instead worked an average of 15 hours less each week without lowering consumption levels. But given productivity – the amount of goods and services produced for a given level of resources, including hours worked – has stagnated over the past decade, Australians may be compensating by putting in more legwork. Federal Treasurer Jim Chalmers, who has said productivity is the primary focus of his second term in government, will host a roundtable this month in Canberra with representatives from industry, unions and government to find ways to lift the country's living standards. The Australian Manufacturing Workers' Union and the Australian Nursing and Midwifery Federation have called for shorter working hours and more annual leave in return for productivity gains ahead of the roundtable. AMWU national secretary Steve Murphy told The Australian that 'productivity can't be at the expense of the wellbeing of workers'. Cronulla real estate agent Domenico Santaguida, 24, works 7am to 6pm on weekdays and 7am to 5pm on Saturdays while fielding calls and questions from buyers and sellers around the clock.
The Age
9 hours ago
- The Age
Australians are working more hours, and it might be hurting our living standards
Australian workers could be putting in nearly half the hours they were 45 years ago but have instead tended to work longer hours to upgrade their lifestyles, sacrificing work-life balance for more income. Productivity Commission research economist Rusha Das found average working hours for Australians had shrunk only modestly from about 34 to 31 hours a week over the past few decades, while incomes had risen significantly. 'Overall, Australians have opted to use their [increased productivity] to upgrade their lifestyles, like buying fancier coffee and taking more expensive holidays, rather than shorten their workdays,' Das said in the commission's June bulletin. She noted that, with the growth in productivity since 1980, Australians could have instead worked an average of 15 hours less each week without lowering consumption levels. But given productivity – the amount of goods and services produced for a given level of resources, including hours worked – has stagnated over the past decade, Australians may be compensating by putting in more legwork. Federal Treasurer Jim Chalmers, who has said productivity is the primary focus of his second term in government, will host a roundtable this month in Canberra with representatives from industry, unions and government to find ways to lift the country's living standards. The Australian Manufacturing Workers' Union and the Australian Nursing and Midwifery Federation have called for shorter working hours and more annual leave in return for productivity gains ahead of the roundtable. AMWU national secretary Steve Murphy told The Australian that 'productivity can't be at the expense of the wellbeing of workers'. Cronulla real estate agent Domenico Santaguida, 24, works 7am to 6pm on weekdays and 7am to 5pm on Saturdays while fielding calls and questions from buyers and sellers around the clock.
